Explain the action need to be taken to resolve upon winding up a partnership.
Explain what debit balance on the capital account indicate
Explain the action need to be taken to resolve upon winding up a partnership.
Homework Answers
Request Answer!
We need at least 9 more requests to produce the answer.
1 / 10 have requested this problem solution
The more requests, the faster the answer.
Add Answer to:
Explain the action need to be taken to resolve upon winding up a partnership.
Explain what debit balance on the capital account indicate and the action need to be taken to resolve upon winding up a partnership
Explain what debit balance on the capital account indicate and the action need to be taken to resolve upon winding up a partnership
Explain what debit balance on the capital account indicate and the action need to be taken to resolve upon winding up a partnership.
Explain what debit balance on the capital account indicate and the action need to be taken to resolve upon winding up a partnership.
Draft a balance sheet for the partnership
Alan, Bob and Charles are in partnership sharing profits and losses in the ratio 3:2:1 respectively. The balance sheet for the partnership as at 30 June 20X6 is as follows:Charles decides to retire from the business on 30 June 20X6, and Don is admitted as a partner on
that date. The following matters are agreed: (a) Certain assets were revalued: Premises £120,000; Plant £35,000; Stock £54,179. (b) Provision is to be made for doubtful debts in the sum of £3,000. (c) Goodwill is...
The Pen, Evan, and Torves Partnership has asked you to assist in winding-up its business affairs....
The Pen, Evan, and Torves Partnership has asked you to assist in winding-up its business affairs. You compile the following information: The partnership’s trial balance on June 30, 20X1, is Debit Credit Cash $ 5,800 Accounts Receivable (net) 21,500 Inventory 11,000 Plant and Equipment (net) 97,900 Accounts Payable $ 18,100 Pen, Capital 53,100 Evan, Capital 43,000 Torves, Capital 22,000 Total $ 136,200 $ 136,200 The partners share profits and losses as follows: Pen, 60 percent; Evan, 20 percent; and Torves,...
Problem 2 A, B, C and D are winding down their partnership and have elected to...
Problem 2 A, B, C and D are winding down their partnership and have elected to sell off all assets and to distribute any available cash. If any partner has a negative capital account then they can only be responsible for repayment to the extent that they have personal assets. The balance sheet as of December 31, 2019 is as follows. Cash 40,000 Other Assets 410,000 Total Assets 450.000 Accounts Payable ...
A, B, C and D are winding down their partnership and have elected to sell off...
A, B, C and D are winding down their partnership and have elected to sell off all assets and to distribute any available cash. If any partner has a negative capital account then they can only be responsible for repayment to the extent that they have personal assets. The balance sheet as of December 31, 2019 is as follows. Cash 40,000 Other Assets 410,000 Total Assets 450.000 Accounts Payable 109,000 A, Capital (30%) 111,000 B, Capital (10%) 113,000 C, Capital...
Highrise partnership has a total partnership equity of $490,000, which is made up of Susan, Capital,...
Highrise partnership has a total partnership equity of $490,000,
which is made up of Susan, Capital, $210,000
Question 13 Highrise partnership has a total partnership equity of $490,000, which is made up of Susan, Capital, $210,000 and Joe, Capital, $280,000. The partners share profit/losses in a ratio 30% to Susan and 70% to Joe. On April 30, 2020, Jackie was admitted to the partnership and given a 20% interest in equity. Prepare the journal entries under the following unrelated assumptions,...
Section 5: Profit and Loss Allocations The net profits of the partnership shall be apportioned equally...
Section 5: Profit and Loss Allocations The net profits of the partnership shall be apportioned equally between the partners and the net losses shall be borne equally by them, with each partner receiving fifty percent (50%) of the net profits of the partnership, and fifty percent (50%) of the net losses. A separate income account shall be maintained for each partner. Partnership profits and losses shall be charged or credited to the separate income account of each partner. If a...
please explain the calculations A partnership has the following account balances: Cash $50,000: Other Assets $600,000:...
please explain the calculations
A partnership has the following account balances: Cash $50,000: Other Assets $600,000: Liabilities $240,000: Nixon, Capital (50 percent of profits and losses) $200,000: Hoover, Capital (20 percent) $120,000; and Polk, Capital (30 percent) $90.000. Each of the following questions should be viewed as an independent situation: a. Grant invests $80,000 in the partnership for an 18 percent capital interest. Goodwill is to be recognized. What are the capital accounts thereafter? b. Grant invests $100,000 in the...
No need to explain, please I beg just solve everything, would be greatly appreciated (thumbs up)!...
No need to explain, please I beg just solve
everything, would be greatly appreciated (thumbs up)!
:)
Mike Derr and Mark Finger form a partnership by combining assets of their separate businesses. The following balance sheet is from Derr's sole proprietorship. The market value of Derr's equipment is $5,300 and the market value of land is $8,300. Balance Sheet $ 4,800 Assets Cash Supplies Equipment Accumulated depreciation-Equip. Land Total assets Liabilities Accounts payable Notes payable Total liabilities Equity M. Derr,...
Highrise partnership has a total partnership equity of $490,000,
which is made up of Susan, Capital, $210,000
Question 13 Highrise partnership has a total partnership equity of $490,000, which is made up of Susan, Capital, $210,000 and Joe, Capital, $280,000. The partners share profit/losses in a ratio 30% to Susan and 70% to Joe. On April 30, 2020, Jackie was admitted to the partnership and given a 20% interest in equity. Prepare the journal entries under the following unrelated assumptions,...
please explain the calculations
A partnership has the following account balances: Cash $50,000: Other Assets $600,000: Liabilities $240,000: Nixon, Capital (50 percent of profits and losses) $200,000: Hoover, Capital (20 percent) $120,000; and Polk, Capital (30 percent) $90.000. Each of the following questions should be viewed as an independent situation: a. Grant invests $80,000 in the partnership for an 18 percent capital interest. Goodwill is to be recognized. What are the capital accounts thereafter? b. Grant invests $100,000 in the...
No need to explain, please I beg just solve
everything, would be greatly appreciated (thumbs up)!
:)
Mike Derr and Mark Finger form a partnership by combining assets of their separate businesses. The following balance sheet is from Derr's sole proprietorship. The market value of Derr's equipment is $5,300 and the market value of land is $8,300. Balance Sheet $ 4,800 Assets Cash Supplies Equipment Accumulated depreciation-Equip. Land Total assets Liabilities Accounts payable Notes payable Total liabilities Equity M. Derr,...
Most questions answered within 3 hours.
-
(Expected rate of return and risk) Carter Inc. is evaluating a
security. Calculate the investment’s expected...
asked 1 hour ago -
What specific indicators can point to lack of progress for
African Americans in American society?
asked 2 hours ago -
1-The Electrons in a beam are moving at 2.7×108 m/s in an
electric field of 15000...
asked 3 hours ago -
A gas tank is a vertical cylinder. It has a radius of 1m, a
height of...
asked 3 hours ago -
Accent Software faces the following conditions. All of these
support Accent’s use of a market-penetration pricing...
asked 4 hours ago -
A mathematically inclined friend emails you the following
instructions: "Meet me in the cafeteria the first...
asked 4 hours ago -
A monopoly sells in two countries . The demand curves in the two
countries are p1...
asked 5 hours ago -
A .15kg rubber ball is bounced off a wall. Before hitting the
wall, the ball moves...
asked 6 hours ago -
A manufacturing company preparing to build a new plant is
considering three potential locations for it....
asked 6 hours ago -
B. If compound Y has approximately the same values of solubility
in toluene as compound X,...
asked 7 hours ago -
Oscar Inc. has inventory in Japan valued at 39,051,000 Yen one
year ago. One year ago...
asked 7 hours ago -
If Canada suffered from "fundamental disequilibrium," and its
government choose not to devalue its currency, a...
asked 7 hours ago